The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the transportation of liquefied natural gas (LNG) cargoes to Japan and China based on the Delivered Ex-Ship (DES) terms. This historic move marks NNPC Ltd’s expansion into global energy supplies.
NNPC Ltd spokesman Olufemi Soneye disclosed this on February 6, 2022, adding that the company’s Downstream Executive President, Segun Dapo, noted that this development aligns with NNPC Ltd’s long-term objective of being a dependable global provider of energy supplies.
According to Dapo, “The DES system allows for greater financial profitability while enabling us to explore LNG business opportunities in the downstream area.”
Through collaborations with its subsidiaries, NNPC LNG Ltd and NNPC Shipping Ltd, NNPC Ltd achieved this milestone. On June 27, 2024, The company delivered its first DES LNG cargo from the 174,000m³ LNG vessel Grazyna Gesicka at Futtsu, Japan, on June 27, 2024, and has since expanded its reach to China.
As part of their entry into liquefied natural gas trading in 2021, NNPC Ltd has since exported more than twenty shipments to Europe and Asia under Free-on-Board terms. Under the new DES arrangements, they aim to gain more market share and improve their reputation as suppliers worldwide through capacity-building initiatives.